Boat fire seaport inlet marina

[Gerry Zagorski]

Originally Posted by dakota560

Will find out soon enough but my guess is my insurance will handle the claim and subrogate against Seaport's liability insurance for recovery. If there was a third party contractor involved in the accident, which is why I asked the question to captnvinny I initially did, my insurance company will go after them as well for reimbursement. Monmouth County Prosecutor's office has to finish their investigation to start the ball rolling and their findings involving cause, negligence etc. will influence I assume how the insurance company proceeds. That's my general understanding of how the claim process will work.

We have, which I believe is fortunate, what's called an "Agreed Upon Value (AUV)" policy. SO I believe in the case of a complete loss which this is, the insurance company will settle the claim for the stated agree upon value of the boat in the policy, less possibly a stated deductible. Again will know after filing a claim but that's my understanding. Other policies without an AUV clause I believe market value or replacement cost factors into the settlement calculation. Again that's my 50,000 foot understanding.

That sucks and sorry to hear it Tom... Smart thing having an Agreed Upon Value policy on your boat for sure... Been there twice now with older boats we had dumped a considerable amount of money into when we repowered them and never would have got that money back with a retail replacement value policy.... You probably have a personal effects amount that is due you as well, so probably a good idea to start gathering receipts and or pictures of the stuff.

Sorry you have to go through this but on the bright side, it sure is going to be exciting shopping for a new boat.

Best of luck and ping me if you need any help.

Gerry very appreciative and thanks for your offer to help. We have good coverage so I think we'll be fne. Hope all others effected can say the same and glad no one sustained personal injury. A few pictures of the fire, our boat was top tier middle and didn't stand a chance. I think we were fortunate it was totaled as opposed to singed truthfully!

[Striper80]

Originally Posted by Gerry Zagorski

That sucks and sorry to hear it Tom... Smart thing having an Agreed Upon Value policy on your boat for sure... Been there twice now with older boats we had dumped a considerable amount of money into when we repowered them and never would have got that money back with a retail replacement value policy.... You probably have a personal effects amount that is due you as well, so probably a good idea to start gathering receipts and or pictures of the stuff.

Sorry you have to go through this but on the bright side, it sure is going to be exciting shopping for a new boat.

Best of luck and ping me if you need any help.

When my boat was totaled in sandy, the progressive adjuster said with agreed value everything was included in the total agreed value. They wanted my life jackets and all. I wound up keeping my boat and taking the money, minus the salvage value, so I never found out if that was 100% true or not.

[Gerry Zagorski]

I have a Geico agreed to policy on my boat and there is also a separate item on the declarations page for $3000 for personal effects so not sure how that works in a total loss... Nothing in the policy I saw that would indicate personal effects would be included in the agreed to amount.

Here's the reply I received from my insurance company:

A review of your declarations page does, indeed, indicate that your Yacht Policy does not include Coverage F for Personal Effects. However, the E790 Angler Endorsement to your policy does provide up to $5,000 of coverage for Fishing Equipment, which is specifically limited to rods, reels, tackle containers (including items stored in the container such as artificial lures), electric trolling motor, and other fishing-specific items. More than likely, the loss of the GPS would be something that a homeowner’s (or tenant's) insurance policy would cover, even if lost or damaged aboard your boat. So, I see no issue with retrieving what remains of the GPS when permissible and safe to do so and having you secure that.

So while we don't have personal Effects coverage, we do have a rider (whatever an E790 Angler Endorsment actually means) which covers angling related items but not items of a personal nature.

Just FYI to anyone reading this thread. The reason my representative replied about the GPS is we have all our way point information in it. Annually we remove the navionics chips but I don't think they have our way points on that chip, believe they reside in the unit itself. If so we might have lost all our numbers over the last 30 or more years which sucks. Always intended to write them down in a log and never did. Trying to see if I can get the unit which I'm sure was destroyed and see if someone can retrieve the information. Don't make the same mistake we made, those numbers are gold and irreplaceable and if lost would hurt.

[Capt. Lou]

Also if ur ever selling ur boat never leave a log book like I did on my galley table , some A - H walked off with that ! Brokers don't care & it's not their responsibility it's ours !
Totally my fault simple solution don't trust anyone keep all those books with u or locked up in the boat . Always back up,with copy in ur possession cause fire takes everything !
Probably hundred ways to store numbers Its just me to make a hard copy that I have at home . Old habits die hard !

[Capt. Debbie]

Who pays for disposal cost of your boat?

Originally Posted by dakota560

Will find out soon enough but my guess is my insurance will handle the claim and subrogate against Seaport's liability insurance for recovery. If there was a third party contractor involved in the accident, which is why I asked the question to captnvinny I initially did, my insurance company will go after them as well for reimbursement. Monmouth County Prosecutor's office has to finish their investigation to start the ball rolling and their findings involving cause, negligence etc. will influence I assume how the insurance company proceeds. That's my general understanding of how the claim process will work.

We have, which I believe is fortunate, what's called an "Agreed Upon Value (AUV)" policy. SO I believe in the case of a complete loss which this is, the insurance company will settle the claim for the stated agree upon value of the boat in the policy, less possibly a stated deductible. Again will know after filing a claim but that's my understanding. Other policies without an AUV clause I believe market value or replacement cost factors into the settlement calculation. Again that's my 50,000 foot understanding.

[Capt. Debbie]

A friend had a boat down C&C Marina in Bayville. Sandy took it after winter layup(Drain plug out and bilge pumps w/o battery) so sunk on its trailer. Total loss. Agreed value $14,000. Then marina hit him up for $9800 for retrieval costs and another $1,000 for disposal costs. Insurance met coverage and walked after paying for lost boat $14,000. A year of litigate later he paid out of pocket to a marina. I helped negotiate it down to $4,000

Let us know how this turns out?

This could be a good lesson in what coverage does and does not cover.

Many marina have a hold harmless clause and you pay for yourself. That's why they require you have insurance to store on their property. If you have no insurance you have to sue everyone to get anything. very different form car insurance under no fault.

Who is your insurer?

Since this is not no fault, you pay your own way ( your insurer fixes you up) and you have to sue the other to recover the cost. If you do go after the "at fault" party and win then your insurance company wants their money back.

[Abrasion]

A few things(I do insurance for a living) I wanted to comment on fromreading this thread:

1: It doesn't matter how the fire started as long as you didn't start it. You should have your claim processed asap
2: On a stated limit policy, they will pay the stated limit or the repair, whichever is LESS
3: someone correctly pointed out that salvage is part of not in addition to your stated limit.
4: building on #3, you should consider filing 3 claims. A: your boat policy B: The marina's Liability policy C: Your Homeowner's policy.
I'd file A and B immediately. Wait on C until A&B clear a little. The marina's liability policy is important in case there is any out of pocket that you can't recover due things lost in the fire that insurance didn't cover. Your homeowners may cover your personal effects(clothing and fishing gear) since the boat was not in the water(read your policy to confirm).

I don't do personal lines insurance but insurance is insurance is insurance. If anyone needs help understanding terms in their policy, shoot me a pm.

[Striper80]

Originally Posted by Capt. Frank

A friend had a boat down C&C Marina in Bayville. Sandy took it after winter layup(Drain plug out and bilge pumps w/o battery) so sunk on its trailer. Total loss. Agreed value $14,000. Then marina hit him up for $9800 for retrieval costs and another $1,000 for disposal costs. Insurance met coverage and walked after paying for lost boat $14,000. A year of litigate later he paid out of pocket to a marina. I helped negotiate it down to $4,000

Let us know how this turns out?

This could be a good lesson in what coverage does and does not cover.

Many marina have a hold harmless clause and you pay for yourself. That's why they require you have insurance to store on their property. If you have no insurance you have to sue everyone to get anything. very different form car insurance under no fault.

Who is your insurer?

Since this is not no fault, you pay your own way ( your insurer fixes you up) and you have to sue the other to recover the cost. If you do go after the "at fault" party and win then your insurance company wants their money back.

Progressive paid for the "salvage" of my boat. The salvage was a set price per foot charged by the the towboat co. My boat needed to be untangled from the others and repositioned on the trailer. They gave me a separate check for the salvage.